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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: jerryriti who wrote (4704)3/6/2000 11:34:00 PM
From: James B. Ditsworth  Read Replies (4) of 15615
 
Attention GBLX shareholders:

Regarding the creation of a tracking stock for Global Center and whether or not current shareholders would receive stock automatically by being GBLX shareholders, I asked the following from GBLX Investor Relations.

***

----Original Message-----
From: ...
Sent: Friday, March 03, 2000 11:09 PM
To: jchow@globalcrossing.com
Subject: Question about the GlobalCenter 'Tracking Stock'

Dear Investor Relations:

Excuse me, but if Global Crossing plans to IPO the GlobalCenter "tracking stock", wouldn't that qualify as a Spin-off company with its own shares? Technically, it would not be a tracking stock at all.

A lot of GBLX shareholders are curious to know if they will automatically receive shares of this tracking stock as a result of their GBLX ownership.

The press release implies that an IPO will generate additional capital for Global Crossings, which suggests that GBLX shareholders will not receive any shares of the new stock issue.

Can you please clarify the situation for me?

Thank you very much.

***

The response that I received from Global Crossings was disappointing and did not answer my question. However, FYI, here it is:

&&&

Thank you for your interest in Global Crossing.

We have publicly announced the intention to issue a tracking stock for GlobalCenter. However, no other details are yet available.

Once a decision has been made, we will be making it a public announcement as we always do.

Should you have any additional questions, please feel free to contact us.

Regards,

&&&

Good luck to all GBLX longs.
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